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Ministry compromises on pension fund plan

According to the SITA newswire, the Ministry of Labour, Social Affairs, and Family has agreed that individuals who decide to quit the second pillar of the pension fund will not be able to withdraw their savings directly. The decision was worked out in a discussion with a consortium of groups who objected to the idea of people being able to pull their money out of the system and turn it into cash.

Ondrej Dostál, one of the organisers of the meeting and vice chairman of the Civil Conservative Party (OKS) told SITA that the withdrawn money could only be transferred to the state-run social-security provider Sociálna Poisťovňa.

Initiators of the symposium welcomed the compromise. They believe it will reduce pressure on the second pillar, since people will no longer be motivated to cash out and spend their savings.

Compiled by Zuzana Vilikovská from press reportsThe Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

24. Jul 2007 at 14:17

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